Actual Costing Method
by Openinside
| Technical name | oi_stock_account_actual |
| License | OPL-1 |
| Website | https://www.open-inside.com |
Actual Costing Method
"GET COSTS UNDER CONTROL"
This module helps you to have an accurate and actual assessment of the value of your inventory.
Description
The "Actual Costing Method" is a cost accounting system that assigns the actual material cost per lot/serial number instead of assigning an average cost of all the products in stock, getting the cost based on a FIFO mechanism, or using standard costing. This cost is typically acquired from purchase or manufacturing orders and produces accurate costing reports.
While Standard Costing in Odoo sets a pre-determined value per product, and First In First Out (FIFO) uses the cost of the oldest products received, and Average Costing (AVCO) calculates the average of all relevant products in stock, the Actual Costing Method assigns the real value of the received product and saves it. That value (cost) is then used in all subsequent operations/transactions.
The Actual Costing Method is a very useful method to reduce any variances in the costing process that may arise from the default costing methods. It gives a precise, actual cost to each individual product in the inventory and assists in knowing about and analyzing the purchase and manufacturing orders' costs in real-time, even before the orders are completed.
Views
INHERIT product.category.stock.property.form.inherit (form)
Dependencies
WMS Accounting (stock_account)
Reports
Odoo inventory valuation standard report
Key Features
Ability to track costs in real-time.
Costing at the item level (Lot/serial No).
Fully integrated with other Odoo applications.
Improves forecasts based on accurate costing data.
Ability to track actual costs as products are procured.
Accurate cost reporting due to actual cost consideration.
Ability to search products with different Lots/Serial Numbers.
A preferred method for frequently changing costs & material pricing.
Support for different costing methods, e.g., Standard, FIFO, or Average.
Automatic computation for product price based on defined Lots/Serial Numbers.
Ability to apply costing method at different levels, e.g., Product or Lots/Serial Numbers.
Ability to utilize actual cost while receiving/delivering products in the Sales/Purchase process.
Demonstration
An illustration of how this feature works
Need Any Help?
This software and associated files (the "Software") may only be used (executed, modified, executed after modifications) if you have purchased a valid license from the authors, typically via Odoo Apps, or if you have received a written agreement from the authors of the Software (see the COPYRIGHT file).
You may develop Odoo modules that use the Software as a library (typically by depending on it, importing it and using its resources), but without copying any source code or material from the Software. You may distribute those modules under the license of your choice, provided that this license is compatible with the terms of the Odoo Proprietary License (For example: LGPL, MIT, or proprietary licenses similar to this one).
It is forbidden to publish, distribute, sublicense, or sell copies of the Software or modified copies of the Software.
The above copyright notice and this permission notice must be included in all copies or substantial portions of the Software.
THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.